Bad News For Crown Currency Exchange Customers

Further to Crown Currency Exchange going into administration in October, despite an early glimmer of hope, a creditor’s report now reveals that 8,000 people have made claims.

The Administrators of Crown have confirmed that some £16.5 million has been claimed by 8,000 victims.

The majority of the foreign exchange transactions are between £100 and £20,000 but some of the victims have lost between £100,000 and £400,000 each.

The issue is that Crown Currency was not covered by any Financial Services Authority (FSA) compensation schemes and the administrators have not be able to raise any cash by selling the company as a going concern.

MCR and SPW are joint administrators and say they have received 9,500 emails and 3,000 telephone enquiries from Crown customers.

Harold Sorsky, joint administrator from SPW, said they were facing a “very challenging situation that we are having to unravel”, and added “We are continuing to urge any former customers of Crown who have not already done so to contact us and ensure that they complete a proof of debt, which is available on the joint administrators’ websites.”

The administrators expect to provide more information at a creditors’ meeting due to be held at the Hilton Metropole Hotel, at the NEC in Birmingham on 30 November.

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